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Amazon (AMZN) Boosts Healthcare Efforts With AWS Amazon HealthLake
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Amazon’s (AMZN - Free Report) cloud division, Amazon Web Services (“AWS”), unveiled a cloud-based healthcare service called Amazon HealthLake.
Notably, the new service is a HIPAA-eligible one, which helps medical providers, health insurers, and pharmaceutical companies in analyzing their complete data at a petabyte scale in the cloud.
It enables them to copy health data from on-premises systems to a secure data lake in the cloud. Further, the service allows organizations to store, tag, index and standardize their data.
For this purpose, Amazon HealthLake leverages machine learning (ML), which also aids in understanding medical terminology.
All these are meant to automatically structure all data into the FHIR industry format, which, in turn, will make information easily available and securely shareable between health systems.
This will finally benefit patients by providing them easy access to medical information.
The latest move bodes well for Amazon’s strengthening efforts toward bolstering its footprint in the multi-trillion healthcare industry.
We note that AWS will aid in enhancing the healthcare systemby aggregatingthe complete data of the organizationsfrom several silos and disparate formatsinto a centralized AWS data lake with the help of its latest service.
Amazon HealthLake is well-equipped to identify trends and anomalies in health data, which, in turn, will aid organizations in making predictions regarding the progression of disease, clinical trials and the accuracy of insurance premiums precisely.
All these are likely to bolster the adoption rate of Amazon HealthLake in the near term. Moreover, AWS is gaining strong traction among the healthcare and life sciences organizations.
Notably, customers like Cerner, Ciox Health, Konica Minolta Precision Medicine, and Orion Health have already benefited from the latest service.
We believe that the growing customer momentum will continue to drive AWS’s top line. Moreover, strengthening clientele will continue to aid its competitive edge against its peers like Microsoft (MSFT - Free Report) , Alphabet’s (GOOGL - Free Report) Google and Alibaba (BABA - Free Report) .
Per the latest Canalys data, Microsoft Azure, Google Cloud and Alibaba Cloud acquired worldwide cloud market share of 19%, 7% and 6% in third-quarter 2020, respectively, while Amazon led with a 32% share.
Bottom-Line
The introduction of Amazon HealthLake is in sync will Amazon’s deepening focus toward revolutionizing the healthcare system.
The company has been aggressively trying to do so by integrating AI,AR/VR, ML and data analytics technologies in its health offerings.
With all these, Amazon is constantly disrupting the healthcare space. The e-commerce as well as the cloud giant is leaving no stone unturned to replace the time-consuming traditional healthcare methods with faster and efficient processes.
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Image: Bigstock
Amazon (AMZN) Boosts Healthcare Efforts With AWS Amazon HealthLake
Amazon’s (AMZN - Free Report) cloud division, Amazon Web Services (“AWS”), unveiled a cloud-based healthcare service called Amazon HealthLake.
Notably, the new service is a HIPAA-eligible one, which helps medical providers, health insurers, and pharmaceutical companies in analyzing their complete data at a petabyte scale in the cloud.
It enables them to copy health data from on-premises systems to a secure data lake in the cloud. Further, the service allows organizations to store, tag, index and standardize their data.
For this purpose, Amazon HealthLake leverages machine learning (ML), which also aids in understanding medical terminology.
All these are meant to automatically structure all data into the FHIR industry format, which, in turn, will make information easily available and securely shareable between health systems.
This will finally benefit patients by providing them easy access to medical information.
The latest move bodes well for Amazon’s strengthening efforts toward bolstering its footprint in the multi-trillion healthcare industry.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Customer Base to Expand
We note that AWS will aid in enhancing the healthcare systemby aggregatingthe complete data of the organizationsfrom several silos and disparate formatsinto a centralized AWS data lake with the help of its latest service.
Amazon HealthLake is well-equipped to identify trends and anomalies in health data, which, in turn, will aid organizations in making predictions regarding the progression of disease, clinical trials and the accuracy of insurance premiums precisely.
All these are likely to bolster the adoption rate of Amazon HealthLake in the near term. Moreover, AWS is gaining strong traction among the healthcare and life sciences organizations.
Notably, customers like Cerner, Ciox Health, Konica Minolta Precision Medicine, and Orion Health have already benefited from the latest service.
We believe that the growing customer momentum will continue to drive AWS’s top line. Moreover, strengthening clientele will continue to aid its competitive edge against its peers like Microsoft (MSFT - Free Report) , Alphabet’s (GOOGL - Free Report) Google and Alibaba (BABA - Free Report) .
Per the latest Canalys data, Microsoft Azure, Google Cloud and Alibaba Cloud acquired worldwide cloud market share of 19%, 7% and 6% in third-quarter 2020, respectively, while Amazon led with a 32% share.
Bottom-Line
The introduction of Amazon HealthLake is in sync will Amazon’s deepening focus toward revolutionizing the healthcare system.
The company has been aggressively trying to do so by integrating AI,AR/VR, ML and data analytics technologies in its health offerings.
With all these, Amazon is constantly disrupting the healthcare space. The e-commerce as well as the cloud giant is leaving no stone unturned to replace the time-consuming traditional healthcare methods with faster and efficient processes.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>